NASHVILLE, TENN. (RFD NEWS) — New analysis from the Minneapolis Federal Reserve suggests tariffs are not the main reason goods prices remain elevated, raising broader concerns for input costs across agriculture and rural economies.
Economists found core goods inflation continues to run above historical averages, but price increases do not align with where tariffs should have the biggest impact. Some goods with high tariff exposure have seen limited inflation, while others with low tariffs have posted stronger price gains.
The report estimates tariffs are contributing only about 0.5 percentage points to overall inflation, meaning other factors — including supply chain shifts, demand changes, and pricing behavior — are playing a larger role. Inflation in goods remains elevated at roughly 1.9% year-over-year, well above pre-pandemic norms.
For agriculture, that disconnect matters. Equipment, inputs, and consumer goods tied to farm operations may continue rising in cost even if tariff pressures ease, complicating budgeting decisions.
The findings also suggest that some price increases may still be working their way through the system, especially as inventories turn and contracts reset.
Farm-Level Takeaway: Input costs may stay elevated beyond tariff impacts.
Tony St. James, RFD NEWS Markets Specialist
NCGA Chief Economist Krista Swanson discusses the evolving role of ethanol in the current energy crisis, opportunities for expanding corn discusses the evolving role of ethanol in the current marketdemand, and the industry’s outlook moving forward.
March 23, 2026 12:04 PM
·
Nebraska Cattle Rancher Joe Van Newkirk shares his firsthand insight on devastating wildfires in the Sandhills, discusses challenges facing ranchers, long-term calf health concerns, and the recovery efforts underway.
March 20, 2026 01:53 PM
·
Nebraska Cattlemen’s Association President Craig Uden shares the latest on Nebraska wildfire conditions, discusses challenges facing producers, and outlines relief efforts underway.
March 20, 2026 01:21 PM
·
The ag trade deficit is narrowing, but export competition remains strong.
March 20, 2026 06:00 AM
·
Agricultural groups warn that the deal could limit competition and raise transportation costs for farmers
March 19, 2026 03:57 PM
·
The Trump Administration’s new rule limiting CDL renewals for immigrant truckers is seeing mixed reactions in agriculture. While some support the change, it is raising concerns about higher freight costs and impacts on U.S. grain export competitiveness.
March 19, 2026 02:35 PM
·
